Mobile POS Terminals Market Revenue to Cross USD 70 Bn by 2027: Global Market Insights Inc.
Jul 14, 2021
Mobile POS Terminals Market Growth Predicted at 18% Through 2027: GMI
The North America mobile POS terminals market is expected to witness a significant growth over the forecast time period led by the increased acceptance of POS terminals in the hospitality sector.
According to the latest report "Mobile POS Terminals Market by Solution (Hardware, Software) Deployment (On-Premise, Cloud-Based) Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail, Warehouse), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of mPOS terminals will cross $70 billion by 2027. The market growth can be attributed to the increasing number of smartphone users coupled with the rising usage of UPI payment methods among consumers.
The increasing contactless payment transactions in the e-commerce sector and card-on-delivery trend are augmenting the demand for mPOS terminals. The consumers prefer contactless payment methods due to better convenience and safety while performing transactions. The COVID-19 pandemic has also accelerated the trend of contactless payments globally.
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The increasing demand for improving customers' dining experience is fueling the adoption of mPOS terminals in the restaurant sector. A large number of restaurants, cafes, bars, and pantries are investing in innovative POS devices to enable fast transactions during peak times. For instance, in December 2019, McDonald's Corporation partnered with Adyen NV, a payment company based in the Netherlands, to launch mobile payment solutions globally. The collaboration enabled Adyen's payment platform available in several McDonald's outlets in the UK, allowing the company to accept payments and grow revenue online.
The North America mobile POS terminals market is expected to witness a significant growth over the forecast time period, led by the increased acceptance of POS terminals in the hospitality sector. The flourishing travel & tourism sector has driven the construction of several luxury hotels and resorts across the region. For instance, in June 2021, Wyndham Hotels & Resorts, Inc. launched a luxury hotel brand as the luxury sector showcased recovery from pandemic. The independent hotel, casino, and resort owners adopt mPOS solutions to provide guests a seamless stay experience and convenience in paying bills.
Key players operating in the mobile POS terminals market include Fujian Newland Payment Technology Co., Ltd., Ingenico Mobile Solutions, NCR Corporation, First Data Corporation, Bitel Co., Ltd., Oracle (Micros), Diebold Nixdorf, BBPOS, PAX Global Technology, New POS Technology, SZZT Electronics, Verifone, Zebra Technologies, Shenzhen Xinguodu Technology Co., Ltd, Square Inc., and Posiflex Technology.
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Some major findings of the mobile POS terminals market report are:
- The transforming payment landscape and increasing card transactions in developed nations are fostering the market expansion. For instance, in March 2021, there were 1.5 billion debit card transactions in the UK, representing a 21.4% increase than in February 2021. The rise in the usage of card payments has encouraged several industrial sectors to invest in innovative POS solutions to meet customers' demand.
- The increasing number of internet and smartphone users has driven the adoption of mobile POS terminals in several emerging economies.
- Cloud-based mPOS terminals are poised to observe high demand among small stores and restaurants owing to their low installation and maintenance costs. These terminals require proper internet connection for conducting payment transactions, reducing the need for costly infrastructure. The limited budget and space constraint encourage small merchants to adopt cloud-based deployment model.
Table of Contents (ToC) of the report:
Chapter 3 Mobile POS Terminals Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic on the mPOS terminals market
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Technology providers
3.3.5 Service providers
3.3.6 System integrators
3.3.7 Distributors
3.3.8 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 AI and machine learning
3.4.2 Android & iOS mPOS
3.4.3 Biometric recognition technology
3.4.4 Internet of Things (IoT) technology
3.4.5 Near Field Communication (NFC)
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/mobile-point-of-sale-mpos-terminals-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Original Source: Mobile POS Terminals Market Revenue to Cross USD 70 Bn by 2027: Global Market Insights Inc.
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